Equityworld Futures-Gold prices rose 1 percent to its highest level in almost four weeks at the end of trading the weekend on Saturday morning (29/10), extending gains late in the session after the FBI said it would investigate further the use of private email system of Democratic presidential candidate Hillary Clinton.
Only 11 days before the US presidential election, shook news about the campaign, where Clinton is still leading in the polls against Republican candidate Donald Trump Parta.
LLG Spot gold prices ended up 0.8 percent at $ 1,278.38 per ounce, after rising 1.3 percent to $ 1,284.14, the highest since Oct. 4. These results are posted closing the week up 0.9 percent, mostly supported by increased demand and a weakening US dollar.
While US gold futures prices closed up 0.6 percent at $ 1,276.80.
Wall Street and the US dollar fell against a basket of six major currencies after the Federal Bureau of Investigation (FBI) said it would investigate additional email associated with Clinton when he became Minister of Foreign Affairs.
The US dollar has been weak, after ignoring the slightly better-than-expected third-quarter US GDP data amid strong demand from Asia.
The US economy grew by 2.9 percent in the third quarter, topping analysts’ consensus forecast of 2.5 percent. The data strengthened the case for raising interest rates, making non-generating assets like gold less attractive while boosting the dollar and US cash.
Gold demand in India is expected to increase during Dhanteras and Diwali festivals, when gold is traditionally given as a gift.
In other precious metals trading, silver was up 1.3 percent at $ 17.82 an ounce and platinum rose as much as 2.6 percent to $ 987, the highest since Oct. 5. Silver is on track for its biggest weekly gain in five, while platinum toward the best week in three months.
A Reuters poll on Friday showed the price of platinum is expected to increase next year’s highest average since 2014, but will remain at a discount to gold. Palladium was up 1.4 percent at $ 618.35, switching directions after hitting a 16-week low $ 608.47.
Equity Analyst Research Center estimates that the price of gold at the next trade is projected to rise triggered bullish sentiments with an FBI investigation into emails Hillary Clinton, the weakening US dollar and Wall Street. The price is expected to move within the range Support $ 1.276 – $ 1.274, whereas if the price rises will move in the range of $ 1,280- $ 1.282 Resistance.